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Xiaomi registers its second company for the production of electric vehicles

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Xiaomi announced plans to enter the automotive world earlier this year. The company has now registered a second business for this business, Xiaomi Automobile Technology Co., Ltd, to accelerate its electric car manufacturing project.

Xiaomi is one of the second companies to launch an electric vehicle to boost its operations. Unveiled. The Beijing-based company apparently has a capital of $ 150 million and is set to build vehicles based on new energy and the development of automotive technologies.

The declared capital of the company is one tenth of the capital of Xiaomi Automobile Co., Ltd, which started operating in September with a capital of $ 1.5 billion. It is unknown at this time what he will do after leaving the post.

Xiaomi co-founder Lee Joon recently announced that the company expects to begin mass production of its first electric car in the first half of 2024. The Chinese giant will apparently take over all aspects of its car production, and will even outsource the sales and after-sales service to Xiaomi Home stores, according to Xiaomi CEO Lu Weibing.

Xiaomi said in April that it wanted to enter the electric car market with a $ 10 billion investment. This capital is to be injected into the relevant businesses within 10 years. The company has been very successful in the mobile world in recent years and is looking to enter new industries with the capital gained from this success. Given the rumors that some competitors, including Apple, are investing in this area, we should probably see the competition in the car market heating up in the coming years.

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